BENGALURU: Abu Dhabi Global Market (ADGM) and Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ IFSC) are further extending their partnership through closer collaboration on efforts and initiatives that foster the developments of each respective financial markets.

This new partnership was established in the signing of Memorandum of Understanding (MoU) by Ajay Pandey, Director and Group Chief Executive Officer of GIFT SEZ and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.

The United Arab Emirates and India have established decades of mutually beneficial cultural and economic bonds and continue to welcome developments in all aspects of this bilateral relationship. This partnership reinforces Abu Dhabi’s long-term positive relationship with India; it also underscores ADGM’s commitment as an international financial centre to enhance and build stronger collaborations with global financial authorities and agencies. The MoU between ADGM and GIFT SEZ provides a framework for the exchange of views and expertise in the fields of banking, financial services and securities regulation of each jurisdiction. It also enables both organisations to explore joint activities and training initiatives that will develop human capital capabilities and foster greater growth in both financial markets.

Ajay Pandey, Director and Group Chief Executive Officer of GIFT SEZ, said, “The collaboration between GIFT IFSC & ADGM provides a great opportunity for both the centres to work on mutually beneficial areas and synergize the efforts made for progressing the International Financial Centres. This collaboration would go long way in providing institutions located at both the centres to expand in different regions.

Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, ADGM, “The growing economies of India and UAE continue to offer exciting business and growth opportunities for companies, corporates and investors worldwide. With markets getting more inter-connected and entities operating globally, ADGM is pleased to partner the Gujarat International Financial Tec-City Special Economic Zone and work with its industry and regulators to increase cross-border opportunities for corporates and investors in Gujarat and Abu Dhabi. We look forward to working closely with our partner to advance the financial development of our markets.”